December 15, 2016

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Kyaukphyu SEZ land prices appreciating

A jetty for oil tankers is seen in Kyaukpyu township, Rakhine state in October 2015. Photo: Reuters
A jetty for oil tankers is seen in Kyaukpyu township, Rakhine state in October 2015. Photo: Reuters

THE presence of the Kyaukphyu Special Economic Zone (SEZ) has appreciated the price of land along Rakhine State’s Minpyin coastline to levels higher than that of land located within the town itself, according to Kyaukphyu real-estate agents.
The value of a 40 by 60 foot plot of land prior to 2014 on the aforementioned stretch of coastline would have set you back in the vicinity of K3-5 million, but prices have since risen dramatically to between K30-60 million.
“There’s been a string of land purchases with fences being erected in expectation of the arrival of hotel and tourism projects. Trading of land has been particularly prevalent in the areas of Launggyo and Wahmyaung.” said U Maung Gyi, a local real-estate agent.
Urban 40 by 60 plots of land within the town of Kyaukphyu, however, are currently fetching approximately K20-30 million on the real-estate market, it is known.
“The real-estate market within the town is stable. A lack of trade has kept prices as they are. A better price for land can be had outside of the town.” said Daw Thandar Lin, a local real-estate agent.
Some businessmen have made investments in land along the Minpyin coastline, a fifteen mile stretch of beach facing out to the Bay of Bengal, buying up plots with the anticipation of reselling once hotel developers and tourism agents develop an interest in the region with the construction of the Kyaukphyu SEZ.

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